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A.M. Best lists its 2006 top reinsurers

July 25, 2006 by Canadian Underwriter

Munich Re, Swiss Re Group, Berkshire Hathaway Group, Hannover Re and Lloyd’s of London are A.M. Best’s Top 5 reinsurers in 2006, based on consolidated gross premium written in 2005, according to the ratings agency.“Ranked by 2005 gross written premium…

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RIMS calls post-TRIA terrorism cover a “national security” issue

July 25, 2006 by Canadian Underwriter

Risk managers in the United States are worried about their potential inability to purchase terrorism insurance in the event that the Terrorism Risk Insurance Act (TRIA) is allowed to sunset on Dec. 31, 2007.“Without coverage, many companies will be vulnerable…

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Implementing IFRS leads to ambiguous statements

July 24, 2006 by Canadian Underwriter

Major global insurers are adapting well to new International Financial Reporting Standards (IFRS) but a PricewaterhouseCoopers survey says many of the financial statements are less clear and harder to follow than before.The survey titled ‘Reporting under the new regime: A…

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Lloyd’s absorbs major 2005-06 claims hits in Canadian market

July 24, 2006 by Canadian Underwriter

Lloyd’s of London in Canada paid out more for claims in 2005 than it collected in premium, Lloyd’s chairman, Lord Levene, indicated in a July speech to the Vancouver Board of Trade.“What we’ve seen in Canada has caused a few…

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Royal & SunAlliance advises on hailstorm protection

July 21, 2006 by Canadian Underwriter

Royal & SunAlliance recently released a public announcement advising insureds on how to stay protected during a hailstorm.First and foremost the insurer says you should: * Find shelter – avoid water, high ground, isolated trees, picnic shelters and open spaces*…

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What’s New: In brief (July 21, 2006)

July 21, 2006 by Canadian Underwriter

R. Scott Donovan has been named Odyssey Re Holdings Corp.’s executive vp and chief financial officer. Donovan replaces Robert Giammarco, who will effectively resign Aug. 15 to pursue other interests, according to the company. For four years Donovan has been…

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New Brunswick Opposition Liberals call for public insurance

July 20, 2006 by Canadian Underwriter

Opposition Liberals in New Brunswick have called for a public insurance system, criticizing rate increases for owners of recreational vehicles, Canadian Press (CP) has reported.According to CP, Insurance Critic Denis Landry says some people with motorcycles, snowmobiles and all-terrain vehicles…

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ERM becomes big business

July 19, 2006 by Canadian Underwriter

The incredible complexity of risk for large, multi-national companies is driving managers and board to embrace enterprise risk management (ERM), A.M. Best notes, although ERM techniques often require incomplete data and board-level commitment that isn’t always there.Speaking at the 42nd…

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Gulf, Atlantic coast residents half-prepared for hurricanes

July 18, 2006 by Canadian Underwriter

Average insured homeowners throughout Gulf and Atlantic coastal communities have taken only half the steps that would best position them to recover from a major storm, according to a new Hurricane Readiness Index released in July.The Index is based on…

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B.C. Utilities Commisssion confirms auto rate increase

July 18, 2006 by Canadian Underwriter

The B.C. Utilities Commission has confirmed a 6.5% increase that came into effect on an interim basis on Mar. 15, 2006.“ICBC is committed to keeping auto insurance rates low and stable,” Donnie Wing, ICBC’s senior vice president of insurance, marketing…

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Lloyd’s Market shaken, not stirred by 2005 hurricanes

July 17, 2006 by Canadian Underwriter

As a result of enhanced risk management and three consecutive years of significant profit, Lloyd’s was well positioned to absorb the substantial claims arising from a second year of unprecedented natural catastrophes in 2005, according to an overview of the…

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Ex-Special Forces operatives help underwrite U.K. terrorism risk

July 17, 2006 by Canadian Underwriter

When it comes to insuring against terrorism, getting the right intelligence is key, Lloyd’s says. That’s why Lloyd’s has partnered with a company that uses ex-Special Forces operatives, the insurer posted on its Web site. To do their job effectively,…